Lesson 5 Lesson 5: Legal Institutions
Presented by: Dr. Daniel Hammond
Wake Forest University
Legal Institutions and the Production of Wealth
In this lesson you will learn about the variety of institutions that support a thriving market system. You will also learn why governments and markets can fail if public policy is not well-designed.
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James Gwartney, et.al
Unless restrained by constitutional rules, special-interest groups will use the democratic political process to obtain government favors at the expense of others.
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